Proceedings Paper

Most, if not all projects, whether it is the development of a new product, a new process or fundamental research, if it requires creativity, ingenuity and some luck to meet the project objectives, will be started with a degree of uncertainty. However, in spite of this uncertainty, Project Sponsors and Company Management often require Project Managers to commit to delivery dates, performance metrics, development dollars, capital dollars, etc. Unfortunately, these early commitments are usually not able to be upheld, which leads to one or more iterations of requests for additional funding, changes to functional requirements, schedule extensions and possible compromises in the quality of the project. These "go arounds" between Project Managers and Project Sponsors can lead to much frustration, are time consuming, and often result in a compromise to the project objectives. Through the use of a Phased Development Approach, we have been able to create a more reasonable method for dealing with project risk and uncertainty. Worldwide Phase Management for New Product Development is a process that has significantly improved the establishment of delivery dates, forecasts for funding requirements, communication and understanding of expectations between a Project Team and the Project Sponsor. In addition, a consistent methodology for New Development Projects has resulted in a more productive development environment that results in shorter product development life cycles.